Source: Marketwatch
New York— Gold futures rallied Monday for a seventh session, hitting a new high above $1,170 an ounce as the dollar fell and war games in Iran boosted global tensions, increasing gold's appeal as a safe-haven investment. Gold futures have already seen a seven-day winning streak ended on Nov. 11. The metal has only recorded one losing session this month. "It is an unbelievable rally," said Darin Newsom, a senior analyst at Telvent DTN, adding that buying is coming from inflation hedge and safe-haven buying due to continued global economic concerns.
In Monday's trading, gold for December delivery, the most actively traded contract, climbed as high as $1,174 an ounce. It ended up $17.90, or 1.6%, at $1,164.70 an ounce. Pushing gold higher, the dollar declined against its rivals after Federal Reserve Bank of St. Louis President James Bullard said Sunday that the U.S. central bank should continue buying mortgage-backed securities and other assets longer than currently planned. See full story.
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